1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Natalka [10]
3 years ago
6

Utica Company’s net accounts receivable was $250,000 at December 31, 2016, and $300,000 at December 31, 2017. Net cash sales for

2017 were $100,000. The accounts receivable turnover for 2017 was 5.0, which was computed from net credit sales for the year.
Required: What was Utica's total net sales for 2017?
Business
2 answers:
dexar [7]3 years ago
8 0

Answer:

Total Net Sales = $1475000

Explanation:

Average Accounts Receivables = (250000 + 300000) / 2

Average Accounts Receivables = 275000

Accounts Receivables Turnover = Credit sales / Average Accounts Receivables

So,

5 = Credit Sales / 275000

5 * 275000 = Credit Sales

Credit Sales = $1375000

Total Sales = Credit Sales + Cash Sales

Total Sales = 1375000 + 100000 = $1475000

max2010maxim [7]3 years ago
5 0

Answer:

$1475000

Explanation:

accounts receivables turnover = \frac{credit sales}{average net accounts  receivable}  --- equation 1

accounts receivables turnover = 5

average  accounts receivable = ( accounts receivable in 2016 + accounts receivable in 2017) / 2

average accounts receivable = \frac{250000 + 300000}{2} = \frac{550000}{2} = $275000

back to equation 1

credit sales = accounts receivable turnover * average accounts receivable

                    = 5 * 275000 = $1375000

Utica's total net sales for 2017

credit sales + cash sales

= $1375000 + $100000

= $1475000

You might be interested in
Type the correct answer in the box. Which marketing-related concept is described in the following scenario? The booming Industri
DanielleElmas [232]

<u>Answer: </u>Production concept

<u>Explanation:</u>

Production concept is based on concentrating on the efficiency of the production and manufacturing. The basis of production concept is to make the goods available to the consumer at affordable prices. By producing in mass quantities the companies believed they can reduce the cost of production.

Also that supply can be increased when the cost of production is lower. Economies of scale can be achieved by the company when they reduce cost of production they can increase their profit earning capacity.

4 0
3 years ago
When a company uses computer software to extract large amounts of data from social media platforms, it is using ______
Citrus2011 [14]
The answer is web scraping
5 0
3 years ago
Teenage entrepreneurship is growing especially in the _____ industry
taurus [48]
Teenage entrepreneurship is growing especially in the health industry and saving the environment.
6 0
3 years ago
Read 2 more answers
How can your sense of social structure affect your work with patients
Evgen [1.6K]
It can make them feel uncomforable and feel like you don't like them or make them feel a certain way that is not usually good
3 0
3 years ago
A company implements the following policy regarding inventory in transit: Goods purchased are included in inventory records, whi
a_sh-v [17]

Answer:

c. The party who has title to the inventory while in transit.

Explanation:

If you sell or buy FOB shipping point, then you could use this type of accounting method. The title of the goods is transferred immediately (as soon as the goods leave the seller's premises). But if the transactions are FOB destination, the title of the goods is transferred only after the goods have been delivered.

8 0
3 years ago
Other questions:
  • All of the following statements about the geography of meat production in the United States and Canada are true EXCEPT:
    7·1 answer
  • How can you determine if a company is profitable
    10·2 answers
  • On January 1, 2019, Providence, Inc., issues $1,000,000 of 10 percent, 5-year bonds at par value. Complete the necessary journal
    6·1 answer
  • Jones Excavation Company is planning an investment of $125,000 for a bulldozer. The bulldozer is expected to operate for 1,000 h
    8·1 answer
  • In the context of Frederick W. Taylor's four principles of scientific management, what is a difference between the first princip
    8·1 answer
  • Latting Corporation has entered into a 7 year lease for a building it will use as a warehouse. The annual payment under the leas
    14·1 answer
  • Given the following cost and activity observations for Bounty Company's utilities, use the high-low method to determine Bounty's
    11·1 answer
  • Douglass Interiors is considering two mutually exclusive projects and have determined that the crossover rate for these projects
    12·1 answer
  • O'Garro Inc. has paid a regular quarterly cash dividend of $0.70 per share for several years. The common stock is publicly trade
    14·1 answer
  • Saddleback Company makes camping lanterns using a single production process. All direct materials are added at the beginning of
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!